Used as a key intermediate in the synthesis of heterocyclic compounds for pharmaceutical research, particularly in developing antimicrobial and antifungal agents. Exhibits strong chelating properties, making it valuable in coordination chemistry for forming metal complexes with biological activity. Also applied in the development of organic sensors due to its ability to undergo colorimetric changes upon interaction with specific metal ions. Shows potential in material science for designing nonlinear optical materials owing to its extended π-conjugation and donor-acceptor structural features.